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A joint venture between Clarion and a number of developers has secured £65m in funding to build 141 homes on the site of a derelict office at Stonebridge Park in north-west London.
Sharelines
The joint venture has reached an agreement with Puma Property Finance to finance a 26-storey apartment block, Argenta House, which will see 56 homes given over to affordable housing.
The project is being developed by a joint venture between Clarion and its development arm Latimer Developments, together with developers Londonewcastle and Cervidae, and aims to address the acute housing shortage in the capital.
The development will transform a currently derelict office site and is part of the wider regeneration of the Stonebridge Park area.
The apartments are being developed with sustainability credentials front of mind, including a zero-carbon target and enhancing biodiversity through new habitat creation.
Richard Cook, development director at Clarion, said: “We are delighted to enter into this exciting joint venture with Londonewcastle and funders Cervidae to deliver a sustainable residential scheme which will kick-start the wider regeneration of the Stonebridge Park area.
“We are passionate about providing homes for those who need them most and last year we built nearly 2,000 affordable homes across the country. This scheme will provide vital affordable homes for local people in areas of acute housing need.”
The development also marks the first loan from Waterfall Asset Management – a £300m facility secured by Puma earlier this year.
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